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A Nokia patent application shows that the company may be moving into digital asset encryption.
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Finnish telecom company Nokia filed for a patent on a “device, method and computer program” that can encrypt digital assets.
On Dec. 23, the China National Intellectual Property Administration (CNIPA), patent office of the People’s Republic of China, disclosed that Nokia Technologies had applied for the digital asset encryption patent.
According to English translations of the application, the patent is for a device and a program with a component that encrypts digital assets.
Translation of filing CN 119155674 A by Nokia Technologies. Source: CNIPA
The patent also involves indexes of digital assets used for encryption, which the program would provide for its first network function. While the patent may seem unclear, it demonstrates that the company is moving into the encryption of digital assets and may be developing a device that performs this function.
Cointelegraph contacted Nokia for more information but did not receive an immediate response.
Nokia’s blockchain and metaverse endeavors
In 2021, the mobile phone company announced the Nokia Data Marketplace, an enterprise-grade data infrastructure service using blockchain technology. The platform uses permissioned blockchain infrastructure and offers data transaction and analysis.
Permissioned blockchains are networks that use distributed ledger technology but are not fully decentralized. They are embedded with an access layer, allowing participants to interact only after receiving pre-approved levels of authority.
In 2023, the phone creator worked on a 5G-connected microbrewery using metaverse technology. With augmented reality (AR), researchers in Australia worked alongside colleagues in Germany on joint experiments brewing beer. The researchers simulated brewing so they could “perfect beer in the digital space.”
On March 1, the company reported that it would build network architecture to serve the emerging innovations market. The company anticipates a 22% to 25% increase in network demand through 2030. Because of this, the company will invest in its network equipment and services portfolio in the coming years.
Related: NFTs in 2024: Surviving challenges, embracing growth, eyeing the future
Taiwan Mobile secures VASP license
Meanwhile, Taiwan Mobile, Taiwan’s second-largest telecom operator, has brought its resources and experience into the crypto market. On July 5, the company received a virtual asset service provider (VASP) license from Taiwan’s Financial Supervisory Commission (FSC). The VASP license allows the firm to set up a digital asset exchange.
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